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Vietnam Reports $3.3b Trade Surplus

Vietnam Reports $3.3b Trade Surplus  Vietnam Reports $3.3b Trade Surplus

Vietnam registered a trade surplus of $3.39 billion in the first five months of 2018, reported the General Statistics Office. The foreign direct investment sector, including fuel, took the lead with a surplus of $13.78 billion.

The country’s export turnover increased by 15.8% year-on-year to $93.09 billion in the first five months, of which the domestic-invested sector reached $26.43 billion, up by 17%, while the FDI sector (including fuel) earned $66.66 billion, rising by 15% and occupying 71.6% of the country’s total exports, VNA reported.

Major export products posting encouraging earnings included electronics and computers worth $10.9 billion, up by 14.2%; mobile phones and components, which were valued at $19.5 billion, up by 19.8%; and machinery, equipment and parts amounting to $6.4 billion, up by 29.7%.

Others products included footwear ($6.1 billion, up by 7.9%); vehicles and their components ($3.3 billion, up by 17.2%); wood and wooden goods ($3.3 billion, up by 10%); seafood ($3.1 billion, up by 11.1%), fruits and vegetables ($1.7 billion, up by 19.6%); rice ($1.6 billion, up by 51.1%) and cashew ($1.4 billion, up by 25.3%).

Turnover declines, however, were seen in several staples such as coffee, $1.6 billion, down by 12%; rubber, $630 million, down by 10.8%; pepper, $379 million, down by 37.1%; and crude oil, $919 million, down by 20.4%, GSO said.

According to GSO, the United States remained the largest export market for Vietnam during the period, with an export turnover of $17.4 billion, increasing by 9% compared to the same period last year. The European Union and China ranked second and third, with $16.9 billion (up by 13.6%) and $13.8 billion (up by 30.8%), respectively.

They were followed by ASEAN countries with $9.8 billion and Japan and the Republic of Korea with $7.2 billion each.

 

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